VANCOUVER, Oct. 1 /CNW/ - Tinpo Holdings Industrial Company Limited
("Tinpo") announced today that it has withdrawn its offer, through its
wholly-owned subsidiary (the "Offeror"), to acquire all of the common shares
(the "Shares") of Western Prospector Group Ltd. ("Western Prospector") (TSX
VENTURE: WNP) (other than Shares beneficially owned, directly or indirectly,
by the Offeror, its joint actors and their affiliates) for cash consideration
of $1.34 per Share (the "Offer").
On September 29, 2008, Tinpo became aware that the National Security
Council (the "NSC") of Mongolia passed a resolution (which has not been
published) some months before the Offer instructing the government to explore
the full nationalization of the uranium industry in Mongolia. The members of
the NSC are the President, the Prime Minister and the Chairman of the
legislature of Mongolia. The NSC is charged with coordinating the development
and implementation of state policy to ensure national security in Mongolia and
executing control over how this is carried out. In light of this determination
having been made by the NSC, and given that Western Prospector's uranium
projects are all in Mongolia, Tinpo has determined in accordance with the
conditions of the Offer to withdraw the Offer. Tinpo remains interested in
Western Prospector and hopes the situation in Mongolia will evolve in a way
that would permit a transaction to occur in the future.
The Offeror will not take up or pay for Shares deposited under the Offer.
The depositary for the Offer will promptly return all certificates
representing deposited Shares, Letters of Transmittal, Notices of Guaranteed
Delivery and related documents in its possession to the parties by whom they
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: Tinpo: Pete Fritz, (514) 994-6137 or